34.8 C
Belgrade
22/06/2024
Mining News

German steel association urges rapid implementation of industrial policy for reviving industrial hub status

According to the German steel association WV Stahl, Germany’s return to its status as an industrial hub hinges on the rapid implementation of the country’s industrial development policy. However, the demand for steel in Germany is not expected to rebound until 2025, with figures unlikely to surpass those seen during the 2020 coronavirus crisis.

WorldSteel Association’s global steel demand forecast suggests a recovery in demand between 2024-2025, with growth projected at 1-2% following a prolonged downturn caused by the COVID-19 crisis in 2020. This recovery is attributed to reduced supply of rolled steel over the past two years, alongside stable development in China and recovery in other developing and developed nations.

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Despite the global economic recovery, Germany faces challenges in its steel industry, with demand expected to recover slowly within the EU. The forecast for Germany indicates minimal growth in 2024, with a slight increase projected in 2025, albeit unlikely to surpass pre-crisis levels.

Kerstin Maria Rippel, Executive Director of WV Stahl, emphasizes the significance of steel demand as an indicator of Germany’s industrial health. Urging action to revitalize Germany’s industrial sector, Rippel stresses the need for strategic policies to strengthen Germany’s position in the global industrial landscape.

According to WorldSteel, global steel demand is expected to reach 1.79 billion tons in 2024, with a further increase to 1.81 billion tons in 2025. Notably, while China’s demand remains steady, India is projected to experience significant growth in steel demand during this period.

Germany, as one of the world’s top steel producers, faces the challenge of revitalizing its steel industry amidst global shifts in demand and production. In 2023, Germany ranked 8th in global steel production, with a decrease of 3.9% compared to the previous year.

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